S.L. 363.2 Art. 3Annual audit.

(1) The accounts and financial operations of each Council shall be audited by auditors at the end of each financial year.

(2) After concluding each annual audit, the auditors shall prepare an annual audit report on the financial statements of the Council, giving an opinion on whether or not -

(a) the Council’s accounts fairly present, in accordance with the accounting policies applicable to Councils, the income and expenditure and the retained funds of the Council; and

(b) the Council’s financial statements were prepared in accordance with the Act, these regulations and the audit procedures.

(3) The annual audit report shall be submitted to the Auditor General not later than twelve weeks after the end of the financial year for the first year and thereafter not later than the 30th June of each year.

(4) A copy of the annual audit report shall be open for public viewing at the Council’s administrative office during the Council’s normal office working hours.